Gas Consumption to Hit 20-Year Low in 2024 Due to Remote Work, Costs, and More Efficient Cars
-
Gasoline consumption expected to decrease 1% in 2024 to lowest per-person level in two decades due to remote work, inflation impacting spending, and more fuel efficient cars
-
High gasoline prices and persistent inflation reducing consumer budgets and discretionary driving
-
Aging population driving less, reducing per person consumption; share of population over 65 has increased since 2001
-
Electric and hybrid vehicle adoption contributing to reduction in gas consumption
-
National gas price average expected to rise from $3.55/gallon in 2023 to $3.60/gallon in 2024 due mainly to higher crude oil prices